Access Industries To Acquire Warner Music Group
Warner Music Group and U.S.-based industrial group Access Industries announced today the execution of a definitive merger agreement under which Access Industries will acquire WMG’s entire recorded music and music publishing businesses.
Warner’s Chairman and CEO Edgar Bronfman, Jr., said, We believe this transaction is an exceptional value-maximizing opportunity that serves the best interests of stockholders as well as the best interests of music fans, our recording artists and songwriters, and the wonderful people of this company. We are delighted that Access will be the new steward of this outstanding business. They are supportive of the company’s vision, growth strategy and artists, while bringing a fresh entrepreneurial perspective and expertise in technology and media. Most importantly, Access supports Warner Music’s commitment to our recording artists and songwriters who are the foundation of our current and future success.
Len Blavatnik, Chairman and founder of Access Industries, said, I am excited to extend my longstanding involvement with Warner Music. It is a great company with a strong heritage and home to many exceptional artists. I look forward to working closely with the many talented people within the company.
Following the closing of the transaction, WMG will become a privately held company and its stock will no longer be traded on the New York Stock Exchange. The company will retain the Warner Music Group name and will continue to operate out of its current facilities.
Source: Warner Music Group
As our readers remember, a much talked about bid by Live Nation Entertainment on a portion of Warner Music Group took place last month.
Madonna fans had a special eye on the bid as a positive result would have meant that the previous and the current companies the Queen of Pop has been signed with were going to reunite under the same roof.
This will not happen, though, as Warner Music Group Corp. decided to pursue a sale of the whole company, rather than entertain offers for parts of the business.